by 
Lagos Island represents the heartbeat of modern living in Nigeria — a vibrant mix of business, luxury, and culture. From the serene streets of Ikoyi to the energetic lifestyle of Lekki, Lagos Island offers residential options for different lifestyles and budgets.
But with so many choices available, which neighbourhood on Lagos Island offers the best balance of cost of living, security, and lifestyle?
Whether you’re a young professional, entrepreneur, expatriate, or growing family, this 2025 guide explores the best neighbourhoods to live in Lagos Island, what makes each area unique, and who they are best suited for.
Ikoyi — The Epitome of Luxury and Prestige
Ikoyi is widely regarded as the most exclusive neighbourhood on Lagos Island. It is home to embassies, corporate executives, and high-net-worth individuals who value privacy and premium living.
What makes Ikoyi special
- Prime Location: Strategically positioned between Victoria Island and Lagos Mainland
- Security: Gated estates, private guards, and 24-hour surveillance
- Lifestyle: Golf courses, waterfront views, fine dining, and luxury amenities
- Property Types: High-end apartments, duplexes, and penthouses
Average Rent (2025): ₦10–20 million per year (3-bedroom apartment)
Best for: Professionals, diplomats, and investors seeking long-term value
Victoria Island (VI) — The Corporate & Lifestyle Hub
Victoria Island, commonly called VI, is the commercial and lifestyle centre of Lagos. It blends residential comfort with business convenience, making it ideal for people who want to live close to work and entertainment.
Why people choose Victoria Island
- Business Access: Headquarters of banks, corporates, and multinational firms
- Amenities: Beaches, shopping malls, restaurants, and nightlife
- Connectivity: Easy access to Ikoyi, Lekki, and major road networks
Average Rent (2025): ₦8–15 million per year (2–3 bedroom apartment)
Best for: Business executives, expatriates, and entrepreneurs
Lekki Phase 1 — Modern Comfort and Community Living
Lekki Phase 1 is one of the most popular residential neighbourhoods on Lagos Island. Its planned estates, social lifestyle, and accessibility make it attractive to both professionals and families.
Why Lekki Phase 1 stands out
- Modern Housing: Serviced apartments, duplexes, and gated estates
- Social Lifestyle: Cafés, gyms, restaurants, coworking spaces
- Accessibility: Direct access to VI, Ikoyi, and the Lekki-Epe Expressway
Average Rent (2025): ₦5–10 million per year (3-bedroom duplex)
Best for: Young professionals, families, and mid-income earners
Here are some our properties Listing In Lekki Phrase
Oniru — The Hidden Gem Between VI and Lekki
Oniru Estate offers a balanced lifestyle, combining Victoria Island’s convenience with Lekki’s residential comfort. It has grown rapidly into a secure and well-organized community.
Key features of Oniru
- Central Location: Close to VI, Lekki Phase 1, and Landmark Beach
- Security: Gated estate with structured management
- Lifestyle: Quiet residential feel with access to malls and nightlife
Average Rent (2025): ₦6–9 million per year (2-bedroom apartment)
Best for: Young couples, professionals, and small families
Banana Island — Nigeria’s Most Exclusive Neighbourhood
Banana Island represents the peak of luxury living in Nigeria. Known for its world-class infrastructure and exclusivity, it attracts CEOs, celebrities, and ultra-high-net-worth individuals.
Why Banana Island is elite
- Architecture: Waterfront properties and luxury high-rises
- Infrastructure: Underground power lines, paved roads, steady electricity
- Privacy: Low density, high security, and controlled access
Average Rent (2025): ₦25–40 million per year
Best for: High-net-worth individuals and luxury real estate investors
Chevron Drive & Ikate — Affordable Alternatives on Lagos Island
Chevron Drive and Ikate (Elegushi) offer more affordable housing options while still providing access to the Lagos Island lifestyle. These areas are developing rapidly and remain attractive to budget-conscious residents.
Highlights
- Affordability: Lower rent compared to Ikoyi and VI
- Road Network: Direct access to Lekki-Epe Expressway
- Investment Potential: Growing infrastructure and rising demand
Average Rent (2025): ₦3–6 million per year (2–3 bedroom apartments)
Best for: Young families, tech professionals, startups, and first-time buyers
Here are some our properties Listing In Chevron
Summary Table: Best Neighbourhoods to Live in Lagos Island
| Neighbourhood | Key Feature | Ideal For | Avg Rent (₦) |
|---|---|---|---|
| Ikoyi | Luxury & prestige | Diplomats, CEOs | 10M–20M |
| Victoria Island | Corporate & lifestyle | Executives, expats | 8M–15M |
| Lekki Phase 1 | Modern community living | Families, young pros | 5M–10M |
| Oniru | Balance & accessibility | Couples, professionals | 6M–9M |
| Banana Island | Ultra-luxury | HNIs, investors | 25M–40M |
| Chevron / Ikate | Affordable & growing | Startups, tech pros | 3M–6M |
Frequently Asked Questions About Lagos Island Neighbourhoods
Which neighbourhood is the cheapest to live on Lagos Island?
Chevron Drive, Ikate (Elegushi), and parts of Lekki offer more affordable housing options compared to Ikoyi, Victoria Island, and Banana Island.
Which Lagos Island neighbourhood is best for families?
Lekki Phase 1, Ikoyi, and Oniru are popular with families due to good security, schools, gated estates, and access to amenities.
Is Lekki Phase 1 safe to live in?
Yes. Lekki Phase 1 is considered relatively safe, especially within gated estates with organized security and estate management.
Is Banana Island worth the high cost?
Banana Island is ideal for individuals seeking luxury, privacy, strong security, and long-term property value appreciation.
Join The Discussion